Viewpoint
Wood's Rise of the Digital Twins viewpoint

Industries are looking to maximise their returns on capital expenditure on key strategic assets, whether it’s a new greenfield  asset designed with optimal performance at its core or it’s modifying an existing strategic asset to increase yield and reduce cost.   By embedding digital twin technology across the full asset lifecycle, organisations are empowered to virtually optimize operating processes and improve capital investments allowing them to be future ready, now.

The global market for digital twins is expected to grow 38 percent annually reaching $16 billion by 2023. A growing number of enterprises in asset-heavy sectors, such as renewable energy, power and utilities, infrastructure, to oil and gas pharmaceutical, aerospace, and automotive, are leveraging digital twins to transform their production. Beyond the industrial sectors, many organizations are piloting digital twins in the retail, health care, and smart city domains.

At Wood, we are utilizing this technology virtually in every step of the asset lifecycle – from immersive technology in the design phase, to informing the supply chain in the operations phase.  We are applying digital twins to simulate ‘what-if’ to ‘what-will’ scenarios to ultimately raise asset productivity, reliability and performance, empowering our clients to gather real-time data from sensors to know the exact state and condition, no matter the location.

The build of an asset is only 20% of the capital cost, while the 80% is covered between operations, maintenance and asset renewal costs. Our digital twin full asset lifecycle incorporates our all the connected design, build, and operate programmes by not only optimizing the performance in operations, but also designing at the capital cost level.

As clients continue to  modernize and lengthen their assets lifecycle in an effort to up production and reduce costs digital twins can help achieve their yield goals. Brownfield use of a digital twin technology allows clients to familiarise themselves with existing installations and enables them to try out various solutions before undertaking modifications or repairs. In greenfield, plants are digitalised from the ground up to maximise efficiency.

How we add value

Wood is engaging with clients as a digital partner to deliver consistency across all projects, developing a roadmap for one or multiple assets. We leverage our strong partnership networks  with Honeywell, Microsoft, AVEVA, Hexagon, Aspentec, Bentley and Cognite  to provide a wide range of intelligent solutions spanning full asset lifecycle digital twin, tag maturity, digital mapping point solutions and others, working to optimise asset performance, monitoring and control across any environment. Never in the history of our industry has there been a time to accelerate digital enablement across key assets utilizing these innovations. Wood is co-developing our digital twin offering with some of our key clients across the world. Industries often amass disparate information and data for their assets across, many different systems which are accessible by a select few. In this arrangement data can be used by some, requested by others --  in many cases the data and the value it can bring is never actualized. As a strategic partner, this is where we utilise our domain expertise to build a true digital asset designed and developed with the end-user in mind.

Wood has the knowledge and expertise that spans a variety of industrial and technology sectors which provides  an unrivalled position in developing  bespoke tools for our clients. As a world-class systems integrator deploying virtual solutions and digital twin across the asset lifecyle, we lead by leveraging technology partnerships and work with organisation as their digital strategy partner.

With the world pushing towards a net-zero carbon goal, we are collaborating with our technology partners to unlock solutions to some of the world’s most critical challenges. We are working with Microsoft on a solution to create the de facto global industry standard for emissions monitoring and developing a digital twin solution for renewable energy to enhance asset efficiency and optimize yields all the while minimizing total expenditure.

View our Digital Twin Roadmap

Partner with Wood to be future ready now.

Reach out to the team to know more: digital-and-technology@woodplc.com

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